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While being integrated together conceptually and practically, the literature on game theory in the context of financial markets lacks a cohesive understanding. This study aims to systematically scrutinize and analyse the literature of game theory in the context of financial markets, through a systematic literature review.

A systematic literature-based approach, through the theories, context, characteristics and methodology (TCCM) framework has been applied to 97 articles, extracted and filtered from two databases, Scopus and Web of Science, for a comprehensive review and understanding of the intellectual development in the domain of game theory and financial markets.

The review highlighted the most utilitarian theories within the literature, the context of research in terms of countries and industries, four themes which characterize the literature, as well as the methodologies and research designs used in this research domain. The paper also uncovered certain essential areas that present scope for further research.

While two of the largest indexation databases have been used, some relevant articles may have been excluded due to the restriction of databases and screening criteria, which may lead to the less exploration of several facets of the domain.

Practically, the paper has implications for multiple stakeholders including traders, businesses and governments. For traders, this paper acts as a guide to entering and understanding the dynamics of financial markets. The review also covers decision-making from the perspective of firms, including venture capitalists. This paper would allow firms to understand how game theory can help influence or analyze the strategic interactions between their stakeholders in terms of information disclosure, or consumers and their behavior to stimuli from the firm’s actions.

To the best of the authors’ knowledge, this study is the first of its kind that attempts to comprehensively provide an overview of the literature on game theory in financial markets. In doing so, this study shall help assess the current state of knowledge in the said field and locate gaps in the literature to propose new research directions.

This paper aims to show that evolutionary game theory not only provides a general and unified theory of political philosophy and strategic management theories but also a positive theory of interactive behavior.

This study suggests a way of the evolutionary game-theoretical model.

The model presented in this paper demonstrates coopetition is derived from balance points in multi-actor games. As the political–philosophical address of those strategic games will of all becomes convention in this balance point at which common knowledge occurs global optimum.

This study explores the connections between several streams in philosophy and strategic management. What does a particular philosophy contribute to strategic management with respect to game theory? When addressing this question in historical or exploratory terms, or in a combination of both, the end result is similar: particular philosophical issues, properly explained, are discussed in relation to important questions in strategic management.

What are the psychological and behavioral underpinnings of strategic decisions of this kind? What type of cognitive frames and managerial mental models, such as the game-theoretical model, might enable or hinder the integration of real-world problems in strategic decision-making?

What explains the evolution of such mental models, as well as the development of philosophical ideas, in informing the origins? How does the evolution of social and political contexts influence change in the cognitive and behavioral underpinnings of strategic decision-making?

This study highlights the overt power of strategic management ideas – competition, cooperation and coopetition – which have historically been built on the foundations of organizational theory, while also underlying the potential of philosophies, collective wisdom and Condorcet’s jury theorem and Rousseau’s (1998) correctness theory in games of evaluation. This study investigates whether the many produce better decisions than the wise few.

The purpose of this paper is to review the utilization of game theory in the entrepreneurship literature. Game theory can potentially be employed to assess strategies incentivizing productive entrepreneurial activities and subsequent economic development. Therefore, the author reviews entrepreneurship articles and explores the application of game-theoretic models and concepts in the literature.

First, the author provides an overview of the entrepreneurship ecosystem concept, highlighting key challenges in its study. The author also briefly highlights successful applications of game theory in the innovation literature. Second, the author systematically reviews and synthesizes entrepreneurship research employing game-theoretic models and concepts. The author's objective is to provide a state-of-the-art overview of the use of game theory in entrepreneurship.

Broadly, the author categorizes entrepreneurship-game theory articles into three groups based on their scope and purpose: entrepreneurial policy applications, inter-firm applications and entrepreneurship theory applications. Entrepreneurial policy applications include entrepreneurs and the government or policy as the main players in a game. Inter-firm applications encompass games between entrepreneurs and other private entities. Entrepreneurship theory applications include articles that utilize game theory to advance the author's understanding of entrepreneurial behavior and/or mechanisms in the market.

To the best of the author's knowledge, no previous paper has reviewed the use of game-theoretic approaches and models in entrepreneurship literature. This study addresses this research gap.

As an effective measure for reducing energy consumption and achieving carbon neutrality, prefabricated building projects (PBPs) have attracted considerable attention in China. Although the Chinese Government has vigorously promoted PBPs, neither developers nor consumers have high recognition of PBPs. This study aimed to explore the decision-making behaviour of governments, developers and consumers in promoting the development of prefabricated buildings in China and to better optimise the incentive strategies for prefabricated buildings in China.

Based on prospect and evolutionary game theories, an evolutionary game model of three stakeholders in the development of PBPs – government, developers and consumers – was constructed. Combined with the system dynamics theory, the incentive policy behaviour and influencing factors of the three parties in the evolutionary game model were analysed.

The results showed that the initial probability of the three parties affects the decision-making behaviour of each party and that of other stakeholders. Government subsidies to developers are more sensitive than developers themselves. There is a certain threshold for the scope of government subsidies to consumers, and exceeding this threshold does not promote the development of PBPs. Based on the results, policy recommendations to the government, developers and consumers were proposed to enhance PBP development.

This study provides suggestions for governments to formulate reasonable incentive policies for prefabricated buildings and a specific theoretical basis for the sound development of prefabricated buildings.

The purpose of this study is to propose a decentralized multi-party cross-trading scheme based on a certificate transaction mechanism for the transaction of excess consumption certificates (ECCs) of renewable energy. The aim is to address the problems associated with the existing centralized transaction mode and to promote the development of the green electricity industry.

The proposed scheme involves calculating the quotation difference for the same type of certificate transaction based on the quotations of all users of both buyers and sellers. The transaction volume is then determined based on the order of quotation difference from large to small, and the total interests of cooperation are calculated. The nucleolus method is adopted to allocate the total interests to each member of the alliance and calculate the final transaction price. The blockchain technology is used for the transaction to achieve accurate traceability and efficient supervision, and a corresponding smart contract is designed and simulated in the Ethereum consortium chain.

The results of the simulation show the rationality and effectiveness of the proposed scheme. The decentralized multi-party cross-trading scheme can overcome the problems associated with the existing centralized transaction mode, such as low transaction efficiency, difficulty in obtaining the optimal transaction strategy and efficient supervision. The proposed scheme can promote the development of the green electricity industry by stimulating users' demand potential for green electricity.

The proposed scheme is original in its use of a certificate transaction mechanism to facilitate the trading of ECCs of renewable energy. The scheme adopts a decentralized multi-party cross-trading approach that overcomes the problems associated with the existing centralized transaction mode. The use of the nucleolus method for the allocation of total interests to each member of the alliance is also original. Finally, the use of blockchain technology for accurate traceability and efficient supervision of the transaction is an original contribution to the field.

This paper aims to propose an integrated use of balanced scorecard (BSC), data envelopment analysis (DEA) and game theory approach as an enhanced performance measurement technique to determine and rank the importance of manufacturing indicators of a steel company as a real case study.

An efficiency change ratio is defined to examine the characteristic function of each coalition which is super-additive. Then, the Shapley value index is used as the solution of the cooperative game to determine the importance of the BSC indicators of the company and rank order them.

The results reveal that “profitability rate” is the most important BSC indicator, whereas “customer satisfaction” is the least significant one. The ranking order of the importance of all BSC indicators makes it possible for the senior managers of the organization to realize the importance of each index separately and to improve the profitability and the number of customers by presenting programs according to the budget and time constraints.

The main contribution of this paper lies in the adoption of a game theory approach to performance measurement in the industrial sector that determines and ranks the importance of manufacturing indicators.

This empirical research examined the factors and conditions that contribute to the success of international strategic learning alliances. The study aimed to provide organisations with evidence-based insights and recommendations that can help them to create more effective and sustainable partnerships and to leverage collaborative learning to drive innovation and growth. The examination is performed using game theory as a mathematical framework to analyse the interaction of the decision-makers, where one alliance's decision is contingent on the decision made by others in the partnership. There are 20 possible games out of 120 outcomes that can be grouped into four different types; each type has been divided into several categories.

The research methodology included secondary and primary data collection using empirical data, the Delphi technique for obtaining qualitative data, a research questionnaire for collecting quantitative data and computer simulation (1,000 cases, network resources and cooperative game theory). The key variables collected and measured when analysing a strategic alliance were identified, grouped and mapped into the developed model.

Most respondents ranked reputation and mutual benefits in Type 1 games relatively high, averaging 4.1 and 3.85 of a possible 5. That is significantly higher than net transfer benefits, ranked at 0.61. The a priori model demonstrate that Type 1 games are the most used in cooperative games and in-game distribution, 40% of all four types of games. This is also confirmed by the random landscape model, approximately 50%. The results of the empirical data in a combination of payoff characteristics for Type 1 games show that joint and reputation benefits are critical for the success of cooperation.

Research on cross-border learning alliances has several implications. Managerial implications can help managers to understand the challenges and benefits of engaging in these activities. They can use this knowledge to develop strategies to improve the effectiveness of their cross-border learning alliances. Practical implications, the development of game theory and cross-border models can be applied in effective decision-making in a variety of complex contexts. Learning alliances have important policy implications, particularly in trade, investment and innovation. Policymakers must consider the potential benefits and risks of these collaborations and develop policies that encourage and support them while mitigating potential negative impacts.

International learning alliances have become a popular strategy for firms seeking to gain access to new knowledge, capabilities and markets in foreign countries. The originality of this research lies in its ability to contribute to the understanding of the dynamics and outcomes of these complex relationships in a novel and meaningful way.

The aim of this study was to investigate the role of immersive gaming on brand coolness and brand equity, with particular emphasis on fashion gaming collaborations. We used game theory as a theoretical framework to analyse immersive branding strategies and gain a deeper understanding of fashion consumers’ decision-making process in gaming environments. Gender, as a significant factor affecting gamers, has been studied as a moderator that impacts the overall proposed framework.

A quantitative method was used to assess the significance of relationships within the proposed model empirically. The partial least squares structural equation modelling technique was implemented to assess the relationships of the framework with a sample size of 160 active Malaysian gamers.

The findings indicate that brand equity is positively associated with perceived brand coolness. Furthermore, of the three core values of online games, perceived enjoyment is most strongly associated with perceived brand coolness, ahead of the values of self-expression and perceived emotional challenge. The results of the multigroup analysis further suggest that in the fashion industry, building brand equity through online games is strongly related to perceived brand coolness among female respondents, the role of perceived brand coolness being weaker among male respondents.

The study contributes to the existing literature by providing a deeper understanding of the impact of immersive gaming branding practices on the overall equity of the fashion brand. The results provide insight for fashion brand managers into the significant effect on consumer behaviour outcomes of fashion-gaming collaborations.

本研究擬探討身歷其境的遊戲體驗在品牌酷感和品牌資產上所扮演的角色; 研究特別強調裝扮遊戲的合作。研究人員以博弈論作為研究的理論框架,來分析沉浸品牌策略、和對時裝消費者在遊戲的環境中如何作出決策取得更深入的瞭解。研究人員探討了性別作為影響遊戲參與者的重要因素,這因素被視為為整個被提出的框架帶來調節的影響和作用。

研究人員採用定量方法進行研究,目的為於被提出的模型內之各種關聯的意義進行以經驗為依據的評估。研究人員採用了基於偏最小平方法的結構方程模型研究法,來對一個包含160名活躍的馬來西亞遊戲參與者的樣本進行框架的各個聯繫的評估研究。

研究結果顯示,品牌資產與品牌酷感成正相關; 而且,在網絡遊戲的三個核心價值中,感知享受與品牌酷感之間的聯繫最為強烈和密切,超過自我表現和感知情感挑戰兩者的價值; 多群組的分析結果更暗示了在時裝產業裡,透過網絡遊戲去建立品牌資產在女性回應者中是與品牌酷感有強烈密切的關係; 而在男性回應者中,品牌酷感所扮演的角色則較弱。

本研究使我們能更深入認識沉浸遊戲品牌的慣常做法如何影響時裝品牌的整體資產。研究結果為時裝品牌經理提供了啟示,使他們明瞭時裝遊戲的合作會給消費者行為產生重要的影響。

The paper aims to elucidate effective strategies for promoting the adoption of green technology innovation within the private sector, thereby enhancing the value of public–private partnership (PPP) projects during the operational phase.

Utilizing prospect theory, the paper considers the government and the public as external driving forces. It establishes a tripartite evolutionary game model composed of government regulators, the private sector and the public. The paper uses numerical simulations to explore the evolutionary stable equilibrium strategies and the determinants influencing each stakeholder.

The paper demonstrates that government intervention and public participation substantially promote green technology innovation within the private sector. Major influencing factors encompass the intensity of pollution taxation, governmental information disclosure and public attention. However, an optimal threshold exists for environmental publicity and innovation subsidies, as excessive levels might inhibit technological innovation. Furthermore, within government intervention strategies, compensating the public for their participation costs is essential to circumvent the public's “free-rider” tendencies and encourage active public collaboration in PPP project innovation.

By constructing a tripartite evolutionary game model, the paper comprehensively examines the roles of government intervention and public participation in promoting green technology innovation within the private sector, offering fresh perspectives and strategies for the operational phase of PPP projects.

This study aims to propose a risk-induced game theoretic forecasting model to predict average daily rate (ADR) under COVID-19, using an advanced recurrent neural network.

Using three data sets from upper-midscale hotels in three locations (i.e. urban, interstate and suburb), from January 1, 2018, to August 31, 2020, three long-term, short-term memory (LSTM) models were evaluated against five traditional forecasting models.

The models proposed in this study outperform traditional methods, such that the simplest LSTM model is more accurate than most of the benchmark models in two of the three tested hotels. In particular, the results show that traditional methods are inefficient in hotels with rapid fluctuations of demand and ADR, as observed during the pandemic. In contrast, LSTM models perform more accurately for these hotels.

This study is limited by its use of American data and data from midscale hotels as well as only predicting ADR.

This study produced a reliable, accurate forecasting model considering risk and competitor behavior.

This paper extends the application of game theory principles to ADR forecasting and combines it with the concept of risk for forecasting during uncertain times.

This study is the first study, to the best of the authors’ knowledge, to use actual hotel data from the COVID-19 pandemic to determine an appropriate neural network forecasting method for times of uncertainty. The application of Shapley value and operational risk obtained a game-theoretic property-level model, which fits best.